We are only a couple days away from an exchange on a flat in Bourne End and my mum and dad have sent the ten percent deposit to my lawyer. I am now informed that as the deposit has not arrived from me my conveyancing practitioner needs to disclose this to my bank. Apparently, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I disclosed to the mortgage company regarding my parents' contribution when I applied for the home loan, so is it really appropriate for this now to delay the deal?
The solicitor is obliged to clarify with the bank to make sure that they are aware that the balance of the purchase price is not from your own funds. The solicitor can only report this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
Can you explain why leasehold purchase conveyancing in Bourne End is more expensive?
The conveyancing costs for a leasehold premises in Bourne End is often more expensive when contrasted to a freehold property. This is because there is an amount of supplemental time required in liaising with the landlord and management company to obtain evidence concerning whether the rent and service fee have been paid and whether there are any large sums expected to be spent in the foreseeable future on repairs or maintenance of the block.
I'm buying my first flat in Bourne End with a loan from Godiva Mortgages Ltd. The sellers would not reduce the price so I negotiated 6k of fixtures and fittings instead. The house builders rep suggested that I not reveal to my lawyer about the side-deal as it would affect my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
My husband and I are first time buyers - agreed a price, but the selling agent informed us that the seller will only move forward if we use their preferred solicitors as they want an ‘expedited deal’. We would rather use a family conveyancer with experience of conveyancing in Bourne End
We suspect that the seller is not behind this demand. If they desire ‘a quick sale', taking such a hostile approach to a motivated buyer is is going to put the whole deal at risk. Try to communicate with the vendors directly and make sure they comprehend that (a)you are keen to buy (b)you are ready to progress, with finances arranged © you have nothing to sell (d) you intend to proceed fast (e)however you are going to use your own,trusted Bourne End conveyancing solicitors - as opposed tothose that will provide their estate agent a kickback or hit his conveyancing figures demanded by corporate headquarters.
I am employed by a busy estate agency in Bourne End where we see a number of flat sales derailed due to short leases. I have been given contradictory information from local Bourne End conveyancing firms. Please can you shed some light as to whether the vendor of a flat can instigate the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I invested in buying a ground floor flat in Bourne End, conveyancing was carried out September 2010. Can you work out an approximate cost of a lease extension? Corresponding flats in Bourne End with over 90 years remaining are worth £195,000. The ground rent is £45 invoiced annually. The lease finishes on 21st October 2088
With 63 years remaining on your lease we estimate the price of your lease extension to be between £16,200 and £18,600 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.
The mortgage broker has recommended their conveyancing practitioner for the conveyancing in Bourne End - won’t it be easier to just instruct them?
It is not always the case and you are at liberty to use whichever lawyer of your choosing for your Bourne End home move. A lawyer recommended by a 3rd party adviser may not necessarily be the best solicitor, they may suggest their own conveyancing firm who are based remotely. In this instance you may not have contact with your conveyancer and due to the lack of continuity in the transaction, it may be difficult to obtain progress reports.